JOHANNESBURG (miningweekly.com) – India-based Jindal Steel & Power (JSP) has completed the acquisition of TSX-listed CIC Energy, a Botswana-focused coal and energy developer, for C$116-million.
In August, the Botswana Competition Authority approved the proposed acquisition, which would see CIC merge with Jindal BVI, a subsidiary of JSP, while it would also acquire 100% shares of CIC Energy in due course and delist it from the stock exchange.
CIC Energy shareholders would receive a cash consideration of C$2.00 for each outstanding share, immediately prior to completion of the merger.
CIC Energy boasts six-billion tons of coal reserves in the Mmamabula coalfield. JSP said it would invest up to $700-million in developing the coal mine and setting up a power plant in the next two to three years.